If, at the sale, no bidder offers the amount of the assessments, costs and charges due, the stock may be bid in and purchased by the corporation, through the secretary, president or any director thereof, at the amount of the assessments, costs and charges due; and the amount of the assessments, costs and charges shall be credited, as paid in full, on the books of the corporation, and an entry of the transfer of the stock to the corporation, must be made on the transfer book thereof. While the stock remains the property of the corporation, it shall not be assessable, nor shall any dividends be declared thereon; but all assessments and dividends shall be apportioned upon the stock held by the stockholders of the corporation.
History: Laws 1878, ch. 1, ch. [tit.] 5, § 4; C.L. 1884, § 2658; C.L. 1897, § 3840; Code 1915, § 4661; C.S. 1929, § 116-109; 1941 Comp., § 74-122; 1953 Comp., § 69-1-22.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.